Why is building your credit history important?
Credit plays an important role in your life — enabling you to obtain valuable credit services such as mortgages and auto loans. Your credit report helps lenders determine how likely you are to pay back loans. Experian, a global leader in consumer and business credit reporting, includes rental payment history data on its credit reports.
Having good credit scores can mean:
- Better chances for credit card and loan approval
- Higher credit limits
- Reduced or waived utility deposits
- Lower total interest rates
- Better car insurance rates
- Cheaper utility services
- Power to negotiate
- Easier to qualify for a home loan
How does it work?
- Each person residing at a property has to Opt-In to our program in order for payment to be reported. The monthly fee is then added to your account monthly.
- Send us an email letting us know you want to enroll.
- Login to the Tenant Web Access on our web site and OPT-IN to Credit Reporting.
- Your rent-related payment data is sent to credit bureaus.
What’s the take away?
The more you pay your rent on time, the better your credit score becomes and the more financial flexibility you have!